GBP/USD skids below the 1.2700 level. Economists at Scotiabank analyze the pair’s technical outlook.
A softer phase of price action is developing
Sterling looks soft on the charts and is prone to more losses.
Weakness below major trend support – now resistance – at 1.2855 suggests a softer phase of price action is developing.
Support is 1.2600/05 and 1.2575/80 (100-Day Moving Average at 1.2579).
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Source: https://www.fxstreet.com/news/gbp-usd-sterling-looks-soft-on-the-charts-and-prone-to-more-losses-scotiabank-202308031119